National Guard Family Program
Soldier with child riding piggyback Introduction to Personal Finance
An Overview for State Family Program Directors, Wing Family Program Coordinators, and Families.
 

Introduction

Evaluating Your Situation

Budgeting & Debt Management

Goals & Plans

Insurance & Disability Planning

Investment Planning

Education Planning

Retirement Planning

Estate Planning

 

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ESTATE PLANNING

 

8.

Introduction

 

8.1

Wills

8.2

Testamentary Trusts

8.3

Life Insurance Trusts

8.4

Charitable Trusts

8.5

Other Lifetime Gifts

8.6

Learning Check

8.7

Summary

 

8.3 Life Insurance Trusts

Most people do, and should, own life insurance.

Owners of family businesses often use life insurance to provide family members with the cash needed to pay estate tax without having to sell part or all of the business.

If you have a substantial amount of life insurance, you may want to create a life insurance trust to help beneficiaries manage the proceeds and potentially reduce estate taxes.

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